Payroll management has come a long way from the days of manual calculations and paperwork. Thanks to the advent of digital payroll software, businesses can now process payroll more efficiently and accurately. However, as the demands on payroll departments grow, there is a need for even greater efficiency and accuracy.
This is where AI and automation come into play. These technologies have the potential to revolutionise payroll processing by reducing errors, saving time, improving compliance, and enhancing the employee experience. Despite this, the question still stands – is it really worth it?
Are people afraid of it?
94% admit to some form of tech anxiety when it comes to AI and other tech. But is it truly anxiety or fear, or something else?
Listen in to this clip of Ben Harper, discussing whether businesses have a fear of new AI & automation technology in payroll software (captions included).
What makes automation & AI worth it for running payroll?
Rapid Payroll with Automation
With automation, organisations can run payroll up to 60% faster, saving up to 250 hours annually per payroll/HR employee. This cutting-edge approach combines advanced technologies like AI, Robotic Process Automation, and machine learning to automate and optimise every step of the payroll workflow. From data collection and calculations to compliance checks and report generation, HyperAutomation ensures efficiency at an unprecedented pace.
One Single Data Source
With the implementation of automated payroll software, businesses can easily set up and centralise all employee data to streamline their payroll & HR processes in one, integrated platform. With an end-to-end solution like mywage, payroll teams are able to quickly and accurately perform all payroll-related tasks, such as timesheets, leave & absence management, and invoicing, without the need for switching from platform to platform.
Remaining compliant continues to be a concern for businesses everywhere. Payroll software that utilises AI and automation can accurately calculate and withhold the appropriate taxes from each employee, as well as keeping an accurate record of all tax transactions. With AI in new payroll technology, teams can ensure that they are adhering to local regulations for tax withholding, benefits, and employment laws, avoiding heavy fines.
Make Data Driven Decisions
It’s impossible to make well-informed business decisions with out-of-date data. Thanks to AI, robust payroll software will offer your workforce current AI-driven data insights right at your fingertips. By creating reports out of the box, your payroll teams and employees can spot errors and easily identify trends in their payroll data, allowing them to make data-driven decisions with complete real time visibility and transparency.
Enhance Employee Satisfaction
Organisations that implement futuristic payroll software report a 37% increase in customer engagement, as well as a 20% drop in attrition. Being paid accurately and on time is the backbone of any organisation, and these numbers show us why. Employees are more likely to stay loyal with an employer who cares about their monetary wellbeing.
Though change can be intimidating, it’s important to recognise what you’re missing out on if AI and automation is rejected from payroll software. With these features, you’re on the road to compliant, faster, and more accurate payments every payrun, ultimately fostering a satisfied workforce. Don’t let your hesitations get in the way of a thriving workforce – discover mywage now.